Hard tech startup program chose Newark after a worldwide search; plans to
invest $25M in 100 companies by
2027
NEWARK
N.J., April 30, 2024 /PRNewswire-PRWeb/ --
Today, the City of Newark
announced that SOSV's hard tech startup program HAX has officially
opened its 35,000-square-foot global headquarters in Newark. A startup development program run by
global venture capital firm SOSV, HAX provides hard tech startups
across climate, industrial automation, and health with funding,
work and lab space, hands-on engineering and operations
support.
"HAX's investment in Newark goes beyond being appropriate because
it recognizes that innovation, creativity, collaboration and
diligence are inscribed in our history and embedded in our DNA."
said Newark Mayor Ras J.
Baraka.
Currently, over 30 startup companies are operating in the new
HAX headquarters from
all over the world including Austria, Germany, London and Boston. Several notable companies already
active in the HAX program creating novel technologies include
LightHearted, a cost-effective medical device that can diagnose
heart disease, Renovate Robotics, which manufactures and deploys
autonomous robots that can install shingles on roofs, and PureLi, a
spin-off from Princeton University's
WET Lab that is developing ways to extract lithium from brine.
In addition to funding and mentorship, HAX equips startups with
cutting-edge facilities including chemical, mechanical, and
electrical engineering labs, 3D printing capabilities, manual metal
fabrication, CNC machining, and laser cutting.
"As part of the venture fund SOSV, HAX's mission is to launch
deep tech founders whose technology promises to reinvent and
decarbonize our industry on the path to a more sustainable economy.
We work in categories like energy storage, critical minerals, low
carbon-fuels, maritime transport, carbon capture, and advanced
manufacturing and compute, as well as health categories such as
advanced therapeutic and diagnostic devices, as well as assistive
robotics," said Duncan Turner, SOSV
general partner and HAX managing director. "Newark is the ideal HQ location for us, given
the city's deep manufacturing and industrial heritage as well as
its access to local talent, top universities, and capital. We are
incredibly excited to have a home in this supportive community, and
deeply appreciate the support of our partners across Newark and New
Jersey."
Following a worldwide search, HAX selected Newark because of its rich industrial history,
access to universities including the New
Jersey Institute of Technology (NJIT) and Rutgers, and supportive business and technology
environment. Newark also offers
the unique combination of affordability and a strategic location
near New York City, Newark International Airport, and the Port of
Newark, the second largest in
the United States.
New Jersey Governor
Phil Murphy, Newark Mayor Ras J. Baraka and executives from
Newark Alliance, Invest Newark,
NJEDA, SOSV, HAX and several startup founders celebrated the
official opening of the facility.
"I've long disputed the idea that cities lack an appropriate
workforce. What we lack is appropriate investment," said
Newark Mayor Ras J. Baraka. "HAX's
investment in Newark goes beyond
being appropriate because it recognizes that innovation,
creativity, collaboration and diligence are inscribed in our
history and embedded in our DNA. With the opening of HAX,
Newark accelerates its momentum as
an emergent global hub for manufacturing and technological
breakthroughs. I thank HAX and our advocates at Invest Newark and
Newark Alliance for this critical partnership and extend my
gratitude to Governor Murphy, our supportive legislators and the
New Jersey Economic Development Authority."
"Newark's strategic location
and access to key thoroughfares, commerce and entertainment make it
an ideal location for HAX and the scores of startups that will have
a footprint here," said Invest Newark President and CEO
Marcus T. Randolph. "We are proud to
stand alongside HAX and key stakeholders to commemorate the
company's official expansion into the city of Newark."
Newark Alliance President and CEO Evan
Weiss added: "Newark is
undergoing a remarkable transformation and we are confident that
HAX's new headquarters, along with its investment in dozens of new
startups, will bolster the city's burgeoning business landscape.
Together, we are committed to fostering a diverse innovation
ecosystem that takes advantage of our Members' existing strengths
and benefits the larger community."
ABOUT HAX
A startup development program at global venture capital firm SOSV,
HAX is the world's first and most active program focused on
pre-seed, hard-tech startups working on sustainability across
climate, industrial automation and human health. With a flagship
35,000 square foot facility in Newark and offices in Shenzhen, Pune and Tokyo, the HAX program provides 6-month
collaborative residency, hands-on engineering support, and an
initial investment package of $250,000. We excel at teaching founders how to
tap into the world's premier ecosystems for real-world product
development, manufacturing and fundraising. The 250+ HAX graduates
since 2012 have raised nearly $2
billion and have a cumulative value of more than
$8 billion.
ABOUT INVEST NEWARK
Invest Newark, the city's Economic
Development Corporation, propels economic growth by championing
small businesses, improving internet access and facilitating real
estate development. These endeavors lead to job creation and wealth
generation, enhancing the overall welfare of Newark's residents. Distinguished by our
unwavering dedication to equity and sustainability, Invest Newark
stands apart as a forward-thinking development agency. Stay up to
date on Invest Newark's latest news by following us on X, Facebook,
Instagram, YouTube and LinkedIn, or visit us at
InvestNewark.org.
ABOUT NEWARK ALLIANCE
The Newark Alliance, through the combined strength and
collaboration of its members, drives inclusive economic growth for
all of Newark, N.J. Our members
comprise Newark's premier
businesses, anchor institutions, and community partners, including
Fortune 100 and 500 companies and several of the country's top
universities, developers, hospitals, and arts institutions. United
by a shared vision, the Alliance and its Members work
collaboratively to cement Newark's
status as one of America's most diverse, prosperous, exciting, and
equitable cities. Visit us at http://www.newark-alliance.org.
Media Contact
Amanda Ferraro, Violet PR,
2013410178, amanda@violetpr.com,
https://www.violetpr.com/
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